Each year, after the last issue of the Journal of Financial Economics has reached subscribers, the editorial office of the JFE will collect votes from readers for the best paper in each of these broad categories. The editorial office will publish a home page on the World Wide Web (WWW) jfe.rochester.edu that lists all of the papers published in the JFE in the prior year assigned to one of these two research areas. This election will be announced in the JFE and on the JFE web page.

All personal and student subscribers will be limited to one vote in each category. The editor's office retains the right to audit and determine the validity of votes. At the end of the election, winners will be announced in the JFE and on the home page of the JFE editorial office.

First prize in each category will be $5,000 and second prize will be $2,500.

Michael C. Jensen, as Founding Editor, and Eugene F. Fama, as Advisory Editor, have served the Journal from its inception. Their vision for the JFE as an outlet for timely, relevant, high quality scientific research in financial economics has been instrumental in its success. Dimensional Fund Advisors (DFA) has generously agreed to support the Fama-DFA Prize in recognition of the contributions the JFE and Professor Fama have made to our understanding of capital markets and asset pricing.

The winners of the Jensen and Fama/DFA Prizes have been determined by an election of JFE subscribers that was held from February 1 - May 31, 2014.